Business is always connected with reporting, which is published by Standards, for all Stock Exchange traded companies. Reports have high impact on market conditions, and influence on the stock prices. Especially, earnings reports are important and influence price, in comparison with foreseen earnings by analysts. In the past, there was a lot of examples with insider trading, that is related to people with information from the company, prior to their publication on the stock exchange portal, and trades based on this information. This procedure is not legal, but it is highly lucrative, and could be seen on Stock Exchanges, globally. Moreover, it is bad for trust between company management and company shareholders. For companies that are not publicly traded, situation is even worse, since their obligations to publicly disclose business results is low and require basic data, which could be adjusted at the end of the year, if the disclosure is on yearly basis. Issues mentioned in this part could be resolved with blockchain technology, since data could be continuously stored on blockchain, which is immutable, and provided in defined periods to Investors and shareholders.

Auditchain is an interesting project that provide solution exactly on above mentioned basis, to store balance sheet, income statement, cash flow and changes in reports on a blockchain, with real time render, on the end of each block. DCARPE protocol is implementation leverages self-auditing state of a blockchain, with additional layers needed for implementation of Auditchain.

Transaction lifecycle is going from Sales Contract to Financial Statements. Sales contract generates Receipt of value for a company, with a next step that provide Delivery of goods from Seller to Buyer, and after transition to financial aspects. Accounting treatment and tax implications are first steps in financial aspects of transaction lifecycle. This information goes to General ledger entry that generates Blockchain entry and includes in Financial statements.

AUDT is the base crypto coin in Auditchain ecosystem, that is used as utility tokens and used by users to pay and access services in Auditchain network. It is an ERC20 token. Staking incentive will be provided in the network and all nodes, federated and non-federated are required to purchase and stake AUDT tokens. It is foreseen to generate 250 million tokens, from which 160 million is to be sold in TGE (Token Generation Event). 12,5 million tokens will be generated annually and provided to nodes as reward. Federated nodes are deployed and operated by qualified auditors and members of PCAOB and IAASB, with assignments to audit the state of the network as a whole, state of all deployed smart contracts in the network, audit of non-federated node activity and behaviour, supervision and enforcement of new regulatory implementations and continuous certification of network, node and users state, as well as all other assignments defined in whitepaper. Non-federated nodes earn AUDT through mining and performance of following assignments – monitoring and validation of all transactions, all blocks, the state of all smart contracts, user installations and expansions, notification of user non-compliance and enforcement of consensus.

Whole process will be led by DCAPRE Alliance, formed in Switzerland, and Auditchain is a founding member.

Project website: https://auditchain.com/
Project whitepaper: https://auditchain.com/wp-content/uploads/2019/05/Auditchain-Whitepaper.pdf
ANN thread: https://bitcointalk.org/index.php?topic=5152521.0

Author: https://bitcointalk.org/index.php?action=profile;u=1573369